Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Bulls are losing power as some coins have come back to the red zone.
ADA/USD
Cardano (ADA) keeps trading in the green zone, going up by 0.57% over the last 24 hours.
On the hourly chart, Cardano (ADA) has bounced back to the resistance level at $0.3189. At the moment, the rate is coming back to the local support level at $0.3142.
If the bears’ pressure continues, one can expect the fall to the $0.3120 zone.
On the bigger time frame, the price of Cardano (ADA) could not fix above the $0.32 area, which means that the altcoin is not ready yet for a sharp move. A further rise is possible only if the candle closes near the resistance at $0.3213.
Analyzing the chart against Bitcoin (BTC), Cardano (ADA) remains bearish as the price keeps falling after the breakout of the 0.000019 mark. At the moment, traders should pay attention to the nearest support zone of 0.000018. If the false breakout of it happens, there is a chance to see a short-term rise.
ADA is trading at $0.3164 at press time.
Source: https://u.today/cardano-ada-price-analysis-for-december-1